New Closing – Depot Willows Scattered-Site

October 27, 2021

Merritt provides $10.9 million in equity to Eden Housing to preserve 33 apartments and create 6 new units for low-income families in Santa Clara County.

Willows Depot

Congratulations to Eden Housing on the financing closing for the rehabilitation of Depot Commons Apartments and The Willows Apartments in the City of Morgan Hill, in southern Santa Clara County. Eden is extensively modernizing the Depot Commons complex to preserve its 13 existing apartments and add 6 new units to the project. The property sits in a prime location, giving residents direct access to amenities in Downtown Morgan Hill, including the Morgan Hill Caltrain station that links residents north through the heart of Silicon Valley up to San Francisco. Eden is also using proceeds from Merritt’s investment to rehabilitate 19 large-family units at The Willows Apartments, also located in Morgan Hill. Residents at both projects benefit from an extension of affordability restrictions for the next 77 years, as well as tenant services provided by Eden Housing Resident Services.

Merritt Community Capital Corporation is proud to provide $10.9 million in tax credit equity capital to preserve affordable housing in Santa Clara County. Thank you as well to our financing partners at California Bank and Trust, California Department of Housing & Community Development (HCD), Santa Clara County, and the City of Morgan Hill. The project is expected to complete construction in 2022.

As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with mission-aligned developers to fill gaps in the market to make the most challenging affordable housing projects possible. Merritt was critical to providing equity in order to recapitalize these two projects, ensuring their long-term affordability and stability. This is the 15th project Merritt has partnered on with Eden Housing and we are proud to provide an equity investment backed by a team dedicated to its long-term nonprofit mission.

Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.



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